Year-on-year inflation rate at factory gate prices for all goods and services hit 45.5 % in September 2022.

The monthly change rate was however 5.2%.

According to figures from the Ghana Statistical Service, industry recorded an inflation rate of 54.5%, whilst services 5.6%.

Two (Manufacturing (58.2%) and Mining (57.5%) of the eight subsectors recorded rates of producer inflation higher than the national average (45.5%).

With the exception of Information and Communication and Construction sub-sectors all the other six sub-sectors recorded an increase in year-on-year producer inflation between August and September 2022.

The highest change was recorded in the Electricity and Gas Sub-Sector, increasing from 8.6% in August to 24.0% in September 2022.

Electricity and water had the highest monthly producer inflation of 14.2% and 9.2% respectively.

Producer inflation for Water Collection, Treatment and Supply between August 2022 and September 2022 increased by more than 19 percentage points.

Transport pushes Services PPI up

The Producer Price Inflation (PPI) surged 1.5 percentage points to 5.6% in the month of September 2022.

This was as a result of increasing inflation in the Transport and Storage sub-sector which recorded the highest year-on-year PPI of 27.3%.

It was followed by the Accommodation and Food sub-sector with 24.9%.

However Information and Communication sub-sector recorded the lowest year-on-year PPI of 0.9%.

According to figures from the Ghana Statistical Service, the Transport and Storage sub-sector recorded the highest monthly inflation rate of 4.9%, followed by the Accommodation and Food sub-sector with 4.0%.

Again, the Information and Communication sub-sector recorded the lowest inflation of 0.1% in September 2022.

The PPI, measures the average change over time in the prices received by domestic producers for the production of their goods and services.